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Kyoto Protocol
The Kyoto Protocol is a protocol to the United Nations Framework Convention on Climate Change (UNFCCC or FCCC), an international environmental treaty produced at the United Nations Conference on Environment and Development (UNCED), informally known as the Earth Summit, held in Rio de Janeiro, Brazil, from 3–14 June 1992. The treaty is intended to achieve "stabilization of greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system." The Kyoto Protocol establishes legally binding commitments for the reduction of four greenhouse gases (carbon dioxide, methane, nitrous oxide, sulphur hexafluoride), and two groups of gases (hydrofluorocarbons and perfluorocarbons) produced by "Annex I" (industrialized) nations, as well as general commitments for all member countries. , 183 parties have ratified the protocol, which was initially adopted for use on 11 December 1997 in Kyoto, Japan and which entered into force on 16 February 2005. Under Kyoto, industrialized countries agreed to reduce their collective GHG emissions by 5.2% compared to the year 1990. National limitations range from 8% reductions for the European Union and some others to 7% for the United States, 6% for Japan, and 0% for Russia. The treaty permitted GHG emission increases of 8% for Australia and 10% for Iceland. Kyoto includes defined "flexible mechanisms" such as Emissions Trading, the Clean Development Mechanism and Joint Implementation to allow Annex I economies to meet their greenhouse gas (GHG) emission limitations by purchasing GHG emission reductions credits from elsewhere, through financial exchanges, projects that reduce emissions in non-Annex I economies, from other Annex I countries, or from Annex I countries with excess allowances. In practice this means that Non-Annex I economies have no GHG emission restrictions, but have financial incentives to develop GHG emission reduction projects to receive "carbon credits" that can then be sold to Annex I buyers, encouraging sustainable development.Only CDM Executive Board-accredited Certified Emission Reductions (CER) can be bought and sold in this manner. Under the aegis of the UN, Kyoto established this Bonn-based Clean Development Mechanism Executive Board to assess and approve projects ("CDM Projects") in Non-Annex I economies prior to awarding CERs. (A similar scheme called "Joint Implementation" or "JI" applies in transitional economies mainly covering the former Soviet Union and Eastern Europe). In addition, the flexible mechanisms allow Annex I nations with efficient, low GHG-emitting industries, and high prevailing environmental standards to purchase carbon credits on the world market instead of reducing greenhouse gas emissions domestically. Annex I entities typically will want to acquire carbon credits as cheaply as possible, while Non-Annex I entities want to maximize the value of carbon credits generated from their domestic Greenhouse Gas Projects. Among the Annex I signatories, all nations have established Designated National Authorities to manage their greenhouse gas portfolios; countries including Japan, Canada, Italy, the Netherlands, Germany, France, Spain and others are actively promoting government carbon funds, supporting multilateral carbon funds intent on purchasing Carbon Credits from Non-Annex I countries, and are working closely with their major utility, energy, oil & gas and chemicals conglomerates to acquire Greenhouse Gas Certificates as cheaply as possible. Virtually all of the non-Annex I countries have also established Designated National Authorities to manage the Kyoto process, specifically the "CDM process" that determines which GHG Projects they wish to propose for accreditation by the CDM Executive Board. Sources and Citations Category:Climate change